Savings Calculator
Plan a savings goal: see what regular deposits grow to, or what you need to save each month.
What the Savings Calculator does
Regular saving plus compound interest is the most reliable route to a financial goal. Work forwards to see what your deposits become, or backwards to find the monthly amount a target requires — the backwards direction is what sets this apart from the future value, investment and investment growth calculators, which only project forward from a contribution you choose.
Formula
Balance = P(1 + r)ⁿ + PMT × ((1 + r)ⁿ − 1) ÷ rRequired PMT = (Goal − P(1 + r)ⁿ) × r ÷ ((1 + r)ⁿ − 1)where r = annual interest rate ÷ 12 and n = number of months
Inputs explained
| Input | Unit | Required | Notes |
|---|---|---|---|
| What do you want to find? | one of 2 options | Yes | — |
| Starting balance | selected currency | Optional | Accepts 0 or more. |
| Monthly deposit | selected currency | In some modes | Accepts more than 0. Shown What do you want to find? is Final balance from my deposits. |
| Savings goal | selected currency | In some modes | Accepts more than 0. Shown What do you want to find? is Deposit needed to hit a goal. |
| Annual interest rate | % | Yes | — |
| Time period | years | Yes | Accepts more than 0, up to 100. |
| Currency | one of 10 options | Optional | — |
How to use it
- Choose What do you want to find? and Currency.
- Enter Annual interest rate and Time period.
- Fill in the remaining inputs the form shows for your choice.
- Optionally add Starting balance.
- Select Calculate.
Worked example
Saving for a $30,000 deposit in 5 years, starting with $5,000 at 4.5%.
- Mode
- Deposit needed
- Starting
- 5000
- Goal
- 30000
- Rate
- 4.5
- Years
- 5
About $354 a month.
Frequently asked questions
Where should short-term savings sit?
For goals within a few years, a high-yield savings account or term deposit protects the capital. Market investments can fall right when you need the money.